SFL - Sale of Two Older VLCCs

Source: www.gulfoilandgas.com 4/1/2022, Location: South America

SFL Corporation Ltd. has agreed to sell the 2004-built VLCCs Front Energy and Front Force to an unrelated third party. The sales proceeds to SFL are estimated to be approximately $70 million including a compensation from Frontline Ltd. for the early termination of the existing charter. Delivery of the vessels to the buyer is expected to take place early in the second quarter, and a book gain of approximately $2 million is estimated as a result of the sale.

Front Energy and Front Force are the last two vessels remaining from the Frontline fleet acquired in 2004 and 2005. Divesting of older vessels is part of SFL's strategy to continuously renew and diversify its fleet, and the net cash proceeds are expected to be reinvested in new assets. Following this transaction, the Company will not have any vessels remaining on charter to Frontline Ltd.


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